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All Journal Jurnal Tata Kota dan Daerah The Asian Journal of Technology Management (AJTM) Widya Cipta : Jurnal Sekretari dan Manajemen Journal of Economic, Bussines and Accounting (COSTING) Indonesian Journal of Energy International Journal of Economics Development Research (IJEDR) Devotion: Journal of Research and Community Service Journal of Research in Social Science and Humanities Jurnal Indonesia Sosial Sains Cerdika: Jurnal Ilmiah Indonesia Eduvest - Journal of Universal Studies Journal Integration of Social Studies and Business Development Journal Integration of Management Studies Journal of Tourism, Hospitality and Travel Management (JTHTM)
Rahadi, Raden Aswin
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Credit Risk And Internal Factors Affecting Profitability: Evidence From Indonesian Banks Ardelia, Rahmadina; Rahadi, Raden Aswin
Journal Integration of Management Studies Vol. 3 No. 1 (2025)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jims.v3i1.326

Abstract

This study aims to analyse the effect of credit risk and internal bank factors on profitability in the Indonesian banking sector, focusing on institutions categorised under KBMI (Kelompok Bank berdasarkan Modal Inti) Groups 3 and 4, which are considered systemically important due to their large core capital. The research covers 2019–2023 and utilises a panel dataset comprising 13 banks, yielding 65 firm-year observations. Profitability is measured using Return on Assets (ROA) and Return on Equity (ROE) as dependent variables. The independent variables include Non-Performing Loans (NPL), Capital Adequacy Ratio (CAR), Liquidity, and Bank Size. Panel data regression was conducted using EViews 12. In the ROA model, Liquidity (β = 0.026, p = 0.0198) and Bank Size (β = 0.058, p = 0.0354) significantly influence profitability, whereas NPL and CAR do not. In the ROE model, only Bank Size (β = 0.464, p < 0.001) has a statistically significant positive impact. Other variables remain insignificant. The findings underscore the importance of scale in driving profitability for major banks. Bank managers should focus on strategic growth and liquidity management, while regulators may reassess the weight of NPL and CAR in evaluating bank performance within this group. This study enriches the literature by providing updated empirical evidence on the determinants of profitability in large Indonesian banks and highlights the relative influence of internal bank attributes in a post-pandemic financial landscape.
Corporate Financial Distress and Debt Restructuring: A Systematic Literature Review on PKPU Mechanisms in Indonesia’s Textile Industry Wijaya, GP Aji; Rahadi, Raden Aswin
Journal Integration of Management Studies Vol. 3 No. 1 (2025)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jims.v3i1.327

Abstract

Corporate financial distress is a recurring challenge, particularly during economic downturns and sector-specific crises. In Indonesia, the Penundaan Kewajiban Pembayaran Utang (PKPU) framework offers a legal mechanism to facilitate debt restructuring. This study applies a systematic literature review (SLR) combined with a case study of PT Rejekitex to examine how PKPU mechanisms function within the textile industry. It explores the theoretical foundations of financial distress—including Trade-Off, Agency, and Pecking Order theories—compares PKPU with international frameworks such as U.S. Chapter 11, and identifies key research gaps concerning the long-term effectiveness of PKPU, conflicts among creditors, and recovery strategies adopted by firms. The findings indicate that the success of PKPU-driven restructuring depends on factors such as creditor alignment, industry stability, and firm-specific strategies. The study contributes a conceptual framework that maps the causes, mechanisms, and outcomes of court-supervised restructuring processes under PKPU. While the analysis centres on Indonesia’s textile sector, the proposed framework holds broader relevance for other debt-intensive industries in emerging markets.
Navigating Investors Activism: The Impact of Boycotts on Indonesian Top FMCG Companies’ Financial Performance Saleh, Mivaldo Razaq Wardana; Rahadi, Raden Aswin
Journal Integration of Management Studies Vol. 3 No. 2 (2025): (Special Issue)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jims.v3i2.350

Abstract

This research analyzes the financial and market performance of Top-tier Indonesian Fast-Moving Consumer Goods (FMCG) companies, such as PT Unilever Indonesia Tbk. (UNVR), PT Indofood CBP Sukses Makmur Tbk. (ICBP), and PT Mayora Indah Tbk. (MYOR), over the financial years 2022 to 2024, particularly concerning a consumer boycott movement in response to the Israel- Palestine conflict. The research utilizes a quantitative-comparative methodology, incorporating financial ratio analysis, ESG risk scoring, and sentiment assessment to assess the influence of activist-driven market dynamics on corporate valuation and investor perception. The findings indicate a significant deterioration in UNVR's financial condition, marked by decreased earnings, weakened liquidity, and increased leverage, attributed to reputational harm and adverse consumer sentiment. In contrast, ICBP and MYOR remained financially resilient and grew, driven by ethical consumerism, a localized brand identity, and operational efficiency. The study highlights the inadequacies of traditional financial metrics in identifying risks associated with activism and stresses the importance of adopting a more comprehensive framework that incorporates sociopolitical factors, digital mobilization, and sensitivity to environmental, social, and governance (ESG) issues. The insights presented enhance the comprehension of investor activism and reputational risk within emerging markets while also providing strategic implications for corporate crisis management, investor evaluation frameworks, and regulatory considerations. These findings offer valuable insights into corporate governance practices and investor strategies, especially in politically sensitive markets.
Business Strategy for Sustainable Growth of a Consultant IT Company (Case Study of PT. Mulya, Jakarta, Indonesia) Mulya, Haekal Hanifah; Rahadi, Raden Aswin; Siahaan, Uke Marius
Jurnal Indonesia Sosial Sains Vol. 6 No. 7 (2025): Jurnal Indonesia Sosial Sains
Publisher : CV. Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/jiss.v6i7.1743

Abstract

Technology is a key driver of sustainable business practices in the modern digital era, significantly improving operational efficiency and supporting sustainable consumption. The digital transformation of activities such as shopping and information exchange has accelerated technological development globally, including in Indonesia. Government initiatives, such as expanding internet networks, implementing digital payment systems, digitizing population data, and creating smart cities, have provided ample opportunities for the technology sector, including IT consulting firms like PT. Mulya in Jakarta. This research aims to identify the most sustainable and profitable strategic option for PT. Mulya to ensure its long-term growth and resilience amidst growing investor interest. The study adopts both qualitative and quantitative approaches, focusing on financial aspects relevant to sustainable business practices. The analysis includes a financial position audit, company valuation, and financial projections for PT. Mulya. The results offer insights into PT. Mulya's financial standing, providing clarity on the most viable strategic option among four proposed: majority acquisition, minority acquisition, joint cooperation, or rejecting the offer. The findings indicate the potential for PT. Mulya to enhance profitability and ensure sustainability with the right strategy. PT. Mulya can optimize its growth and sustainability by adopting the most suitable strategic option based on the research's findings. The study emphasizes the importance of aligning strategy with long-term financial goals for sustainable success. The study's implications provide valuable guidance for PT. Mulya and other similar firms in making informed strategic decisions that balance profitability with sustainability in a rapidly evolving digital landscape.
Data Privacy Risk Governance in Hospital Management Information System: A Proposed Framework for Hospital in Padang Ganesworo, Muhammad Galing; Rahadi, Raden Aswin
Widya Cipta: Jurnal Sekretari dan Manajemen Vol 9, No 2 (2025): September
Publisher : Universitas Bina Sarana Informatika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31294/widyacipta.v9i2.26065

Abstract

The implementation of Hospital Management Information System (SIMRS) in Indonesia has been mandated by the Ministry of Health to digitize more of their operations and infrastructure including service quality, operational efficiency, and patient care security especially regarding electronic medical records (EMRs) that has indicated the digital transformation in healthcare sector through the integration of information security and data privacy governance that will developed through this study that manage framework of the privacy risk. This study grounded in three essential guiding frameworks which formed as the study's foundation: COSO Enterprise Risk Management (ERM) 2017, ISO/IEC 27701:2019, and Indonesia’s Personal Data Protection (PDP) Law No. 27/2022. Using a qualitative case study approach, data were collected through in-depth interviews with five stakeholders which were then conducted through thematic analysis, which revealed five core themes: (1) Governance and Leadership in Privacy Risk, (2) Privacy Risk Identification and Assessment, (3) Privacy Controls and Operational Safeguards, (4) Monitoring and Incident Management, and (5) Compliance with Legal and Regulatory Requirements. The analysis revealed, fragmented privacy practices, lack of proactive governance, and low awareness of regulatory obligations. In response, this study proposes a phased improvement plan to enhance digital maturity, which includes appointing a Data Protection Officer (DPO), developing privacy SOPs, and conducting required privacy assessments allowing hospitals to enable progressive, track and measurable progress to meet the regulatory expectations. The governance findings model offers a scalable and replicable for hospitals in Indonesia that may facing similar struggling, and it emphasizes the need for data governance model. Ultimately, this framework supports the patient safety, data protection, and sustainable digital health transformation
Financial Feasibility Study to Determine the Best Funding Structure for Garuda Project in Pt Asgardian Muda Dewi, Ineu Utami; Rahadi, Raden Aswin
Eduvest - Journal of Universal Studies Vol. 5 No. 9 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i9.52056

Abstract

The pharmaceutical industry faces growing regulatory challenges and financial constraints when expanding into new markets. This study evaluates the financial feasibility of the Garuda Project, a strategic initiative by PT Asgardian Muda to build a pharmaceutical manufacturing facility meeting European Good Manufacturing Practices (GMP) standards. The aim is to determine the most suitable funding structure to ensure financial sustainability and regulatory compliance. The research uses both qualitative and quantitative methods, including financial performance analysis, stakeholder evaluation, and investment feasibility assessment. Key financial metrics, such as Net Present Value (NPV), Internal Rate of Return (IRR), and Weighted Average Cost of Capital (WACC), are applied to compare different funding options: internal financing, debt-based funding, and hybrid models. Sensitivity analysis also examines the impact of factors like interest rates, Cost of Goods Sold (COGS), demand fluctuations, and delayed regulatory approval on financial viability. Findings indicate that all scenarios are financially feasible, with IRRs surpassing the WACC. The 50% equity and 50% debt hybrid model performs best, offering the highest NPV (up to IDR 226 billion), a lower WACC (8.74%), and the shortest payback period (2044). Sensitivity analysis shows the project is most sensitive to regulatory approval delays and market demand fluctuations. The Garuda Project is both economically and strategically viable, with the hybrid funding model providing an optimal balance between profitability and risk. If the company adheres to its zero-debt policy, the project remains feasible under a 100% equity structure, although with reduced financial efficiency.
Internal and External Analysis for Spam Investment Perum Jasa Tirta II Putri, Sripamesti; Rahadi, Raden Aswin
Eduvest - Journal of Universal Studies Vol. 5 No. 9 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i9.52063

Abstract

Indonesia is facing increasing water demand due to rapid urbanization, industrialization, and population growth. To address this challenge, the government is prioritizing the development of Sistem Penyediaan Air Minum (SPAM) as part of its Vision Indonesia 2045*, aiming to ensure universal access to clean water while reducing groundwater dependency and environmental degradation. This study evaluates the feasibility of SPAM investment by* Perum Jasa Tirta II (PJT II), a state-owned enterprise tasked with water resource management. Using a mixed-methods approach, the study combines qualitative PESTLE analysis with quantitative financial assessments, including NPV, IRR, PBP, and PI, supported by sensitivity testing. The financial analysis reveals a positive NPV of IDR 58.3 billion, an IRR of 16.8% (exceeding the 12% WACC), a payback period of 6.2 years, and a profitability index of 1.42, confirming strong financial viability. The findings reveal that strong political backing, economic recovery, rising public health awareness, and PJT II's operational mandate support the strategic relevance of SPAM. Despite challenges such as aging infrastructure, the investment is found to be both financially and strategically viable. This study offers practical insights for aligning public infrastructure investment with national development goals and sustainable resource management.
Stock Valuation and Business Performance of PT Indofood Cbp Sukses Makmur Tbk Amidst Wheat Price Volatility During The Russia-Ukraine Crisis Arbrianto, Dimas; Rahadi, Raden Aswin
Devotion : Journal of Research and Community Service Vol. 4 No. 7 (2023): Devotion: Journal of Research and Community Service
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/devotion.v4i7.522

Abstract

The Russia-Ukraine Crisis in 2022 adversely affected the business performance of PT Indofood CBP Sukses Makmur Tbk (ICBP), the largest noodle manufacturer in Indonesia, due to volatile wheat prices. During Q2, ICBP witnessed a 16% growth in net revenue but a substantial 40.1% decline in profit, primarily attributed to escalating commodity prices. This negative trend persisted in Q3, resulting in a significant 33.4% decrease in net profit despite increased sales. Consequently, ICBP’s stock price experienced a decline. In this context, conducting a comprehensive fundamental analysis that integrates various macroeconomic factors is crucial to evaluate the company’s valuation. This study aims to determine the valuation of the ICBP amidst wheat price volatility during the Russia-Ukraine crisis. This study employs multiple analysis approaches, including financial ratio analysis, intrinsic valuation using free cash flow to firm (FCFF), and relative valuation analysis employing price-earnings ratio (P/E) and enterprise value to EBITDA (EV/EBITDA) ratios. The intrinsic valuation of ICBP suggests a fair stock value of 13,806 Rupiah per share, while the current share price is 10,000 Rupiah per share, indicating an undervaluation of approximately 27.6%. Similarly, the relative valuation analysis reveals that ICBP is undervalued compared to industry peers based on P/E and EV/EBITDA ratios. These findings indicate that ICBP is presently undervalued, presenting an opportunity for future appreciation of its share price.
Analysis of Stock Valuation and Business Performance of a Digital Media Company in Indonesia Before and After the Covid-19 Pandemic (Case Study: Global Mediacom) Imaduddin, Aufarizqi; Rahadi, Raden Aswin
Devotion : Journal of Research and Community Service Vol. 4 No. 7 (2023): Devotion: Journal of Research and Community Service
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/devotion.v4i7.523

Abstract

The rise of digital streaming and investing in Indonesia has been exacerbated by the COVID-19 pandemic. One company involved in this unprecedented scenario is PT Global Mediacom TBK (BMTR). The everchanging digital streaming landscape and its massive growth create both an opportunity and threat for the company’s growth. The study aims to analyse stock valuation and performance of digital media in Indonesia pre-pots pandemic. To analyse this, the study utilized secondary data from the company’s annual report and various secondary sources. The data is processed using absolute valuation method of Discounted Cash Flow valuation and relative valuation method of Price-to-Earnings Ratio, Price-to-Book Value and EV/EBITDA. Using the absolute valuation method, it is found that the company’s stock is currently overvalued with an intrinsic value of Rp 169 in comparison to the actual price of Rp 278. One of the reasons for this is the company’s high beta stock of 1.8 which could signal a higher risk but higher return. Using the relative valuation method, all the metrics found that BMTR stock is undervalued. Being constantly below the industry average. However, the financial analysis as well as the relative valuations has found that the company is the most stable out of all the Indonesian listed digital streaming companies. This demonstrates the excellent business performance of the company.
Stock Valuation Analysis of PT Sinar Mas Agro Resources and Technology Tbk Using Free Cash Flow to The Firm and Relative Valuation Ramiza, Fitradi; Rahadi, Raden Aswin
Devotion : Journal of Research and Community Service Vol. 4 No. 10 (2023): Devotion: Journal of Research and Community Service
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/devotion.v4i10.553

Abstract

Indonesia is the world's top producer and exporter of palm oil, generating 46 million tonnes of crude palm oil. PT SMART Tbk (SMAR) is one of Indonesia's big palm oil companies, with a plantation area of 136,402 hectares. The Indonesian government implemented the B35 biodiesel policy in February 2023, indicating there is potential for growth in the increased use of palm oil as a biodiesel blend. The positive sentiment from the B35 program, which will continue into the B40 program, is expected to boost domestic market demand for biodiesel, consequently impacting SMAR's sales revenue. The study aims to evaluate SMAR's business performance, intrinsic value, and propose solutions to close the value discrepancy gap. The study adopts a quantitative approach for stock valuation calculations and a qualitative approach for underlying assumptions. The analysis covers financial statement analysis, financial ratio analysis, PESTLE analysis, Porter’s five forces analysis, absolute valuation and relative valuation methods. Based on the FCFF analysis, SMAR's intrinsic value is Rp 8,609 while the market price is Rp 5,200, indicating that SMAR is undervalued. The relative valuation analysis using PER, PBV, and EV/EBITDA also indicates that SMAR is undervalued compared to similar companies in the palm oil industry. Overall, this indicates a potential investment opportunity for investors in SMAR shares.
Co-Authors Afgani, Kurnia Fajar Ahmedz Widiasta Amri, Mulya Anggoro, Yudo Arbrianto, Dimas Ardelia, Rahmadina Arifin, Afrad Aryawati, Ayu Bagaskara, Danang Pangestu Gusti Boediman, Alfred Dany Hilmanto Dedi Rachmadi Dewi, Ineu Utami Eko Susanto Esri Hestiningtyas Fajar Afgani, Kurnia Firmansyah Hakam, Dzikri Ganesworo, Muhammad Galing Ginting, Henndy Hakam, Dzikri Firmansyah Hapsariniaty, Alia Widyarini Hidayat, Sutan Emir Ilhami, Muhammad Livain Imaduddin, Aufarizqi Indrayana, Gun Gun Muhammad, Reyhan Devtyan Mulya, Haekal Hanifah Nugraha, Bagus Aditya Nusantara, Tariska Rosseliny Pratama, Reyhan Putri, Sripamesti Raksakadarma, Bayu Avrianto Ramiza, Fitradi Ria, Poeti Saffana, Indri Sanabila Safrina, Nikma Fista Saleh, Mivaldo Razaq Wardana Siahaan , Uke Marius Siahaan, Uke Marius Wijaya, GP Aji